Status coin Review: Full Analysis
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Day by day the cryptocurrencies become more accessible. Some get developed by their own companies while others are so big that new, separate companies are being created to improve the user experience. Status network and its tokens are created for making the mobile devices light nodes for those clients who use Ethereum Network. It gives people a chance to get an access to the whole Ethereum ecosystem any time and from any place. Status has started out as an ICO and managed to successfully achieve its targeted sum of funds. In this Status coin guide we will take a look at the token and at the company as already an established one.
What is Status Network coin?
Status Network is a decentralized browser that will give users easy access to all decentralized applications on the Ethereum network. It will allow you to connect to all of these Dapps using your smartphone operating as a light node on the Ethereum blockchain. it will give users complete control over their personal data while at the same time developing and managing applications of their choice. Advertisers and owners will no longer control the manner in which information will be exchanged. Users will utilize status network tokens (SNT) to control the entire network.
The Status platform was developed by Status Research & Development GmbH in Switzerland by developers Carl Bennetts and Jarrad Hope. It was announced to the public on 29th of May, 2017. About 14, 000 people have now downloaded this app with about 50,000 still on the waiting list.
Status works as a decentralized browser that enables your device to be a light client node allowing it to access any dApps on the Ethereum ecosystem. Since it is based on the Ethereum blockchain, it utilizes smart contracts that are recorded on the network. It is also an open source network free of charge allowing users to create and manage any apps that will build the network.
It has an eWallet where users can receive, store and send SNT as well as ether. These digital coins are used to pay for services rendered on the network. SNT allows users to become stakeholders in the network of their choice.
Users with SNT will have the power to determine the direction this network takes. They will also be the only ones allowed to have a username preventing the possibility of spam accounts. Users will receive verification badges
This network is available for both Android and iOS. You can download it from the Google Play Store using your Android Phone and from its official website using your Apple device.
Status Main Features
- It is decentralized and allows users to access dapps on the Ethereum network easily.
- Smart private messaging.
- Open source messaging platform and mobile browser.
- Uses SNT to fuel the network.
- Users with SNT control the network.
- Peer-to-peer encryption protocol.
- Introduces the discover function that allows users to trade currencies, offer services and exchange ideas without third-party interference.
What Problems Status Solves?
Traditional social media sites are largely controlled by the owners. In essence, the owner is not supposed to manipulate any information presented to the network to sway the users’ behavior. Unfortunately, this is what traditional social sites do thus erode the independence of the user.
Advertisers also influence the manner in which information is distributed on the network. They purchase data from the owner to market their products with those with a higher purchasing power having more control of the social platforms.
It is this monopoly enjoyed by the owners and the advertisers that the Status network wants to minimize and give more control to users.
During its initial coin offering, status coin raised over $100 million. The value of 10,000 SNT was equivalent to 1 ETH. That was like 0.00001 ether was equivalent to 1 SNT. The ICO began and ended on 20th June 2017. The value in USD sold during its ICO was $107,664,907, being sold at $0.03656 per token. The total token supply during the ICO was 6.8 billion. Investors received 41% of the token supply, 20% went to status core development, 29% was reserved for future stakeholders, and 10% was awarded to status genesis token holders.
Various critics claim that the status ICO had too much hype and did not need to raise that amount of money. They claim it was just greed on the part of the status team. However, the ICO was largely successful considering the amount of money they were able to raise.
As already noted, the status network is a mobile browser that seeks to connect users with dapps built on the Ethereum network. Users will find it easy to use these apps for various purposes using just their smartphones. Here are some of the dapps that users will have access to.
This is a self-sovereign identity system. It is fully independent
This is a Dapp that helps you predict the crypto markets
- Oasis exchange
It is an app that allows you to trade ERC-20 tokens with ETH
It is a decentralized app that enables you to hire people and pay using digital coins or get hired and get paid using the same coins.
With this app, you can create any company on the Ethereum blockchain and create value on the same network.
It is an app that gives you access to insurance policies. You can buy policies on the go and receive insurance claims automatically using digital coins.
Artists can create and manage their content free of charge and share it with others.
Social networks model as of today
Traditional social networks consist of three main entities; the users, the advertisers and the owners. We’ll look at these entities in details to understand who they are and the roles they play.
This is the originator of the social network or platform. It is the team that manages or control the back-end of the network and has control of what is added or deleted on the network. They also determine which users to recruit and retain on the platform. Their main aim is to gain as much value as possible from the users on the network.
Also known as the data broker, is the entity that enables the owner to gain value from the platform. The advertiser pays for space and data from the network and fuels the network.
These are the consumers of data and information on the social platforms. It is the people who use the platform to connect and communicate with friends and share their interests. Users have less control over the network and have no control of the information they consume.
Status Network model
The status network seeks to change this traditional model by giving users the much-needed control through the issuance of status tokens (SNT). Users with SNT become stakeholders within their network. This model allows users to determine what is added or deleted from the network. Users have direct control over the use of the network and determine the software to be developed on the status network.
Status Network Coin
The status network token or the SNT is the network’s currency that runs or powers the entire network. While it is free to use the platform, you will need SNT if you want the push notification services. The current circulating supply is 3,470,483,788 SNT, while the total supply is 6,804,870,174 SNT. The current status price stands at $0.1563, representing a 10.84% decline.
You cannot mine SNT coins as they are distributed on the ETH blockchain. You can only buy status coins from the exchanges and use them to pay for services and apps within the network.
Status price Growth
Status has been growing in popularity since its initial coin offering (ICO) on 20th June 2017. Due to too much speculation and internet hype, the status coin price rose rapidly than began plummeting as a result of congestion on its network. Various exchanges such as Coinbase, Shapeshift and Bitfinex halted status and ether transaction due to this congestion.
Status Hardware Wallet
The wallet was introduced in November 2017. This wallet has a built-in NFC, a feature that enables you to receive, store and send digital coins without connecting it to another device like a computer. It supports all ERC-20 tokens. It is mobile ready and completely open source.
Being cold storage, this wallet is safer than the exchanges or the ERC-20 hot wallets. It is better and much safer to transfer your SNT tokens to this wallet.
How to Buy Status coin
Before you get to buying the status cryptocurrency, do these simple steps to ensure that you safeguard your tokens.
Identify a suitable ERC20 compatible wallet since SNT is an ERC20 token. Some of these wallets include Myetherwallet, Mist, and Metamask. Let’s look at them in details
This is an ERC-20 compatible hot storage desktop wallet. It is free, completely open source and client-side interface wallet. Users are always in full control of their private keys while interacting directly with the network. You generate your own private keys on your computer and keep them. You are completely responsible for your security. If you forget your security details, the company cannot help you to recover them as they do not store any data on their servers.
This status wallet was developed by Ethereum developers. Mist is a desktop wallet with a multi-signature feature for added on security. You’ll, however, be required to download the entire Ethereum blockchain to use this wallet, so you may need a lot of space. Keep in mind that this is a hot storage wallet susceptible to online hackers. A few people have been complaining about losing their coins while using the app, so be cautious if you need to use this wallet.
This is a desktop wallet that supports ERC-20 tokens. Your private keys are stored in Metamask to protect you from phishing sites. It is very easy to unlock your wallet. This wallet also acts as a browser in addition to being a wallet enabling you to interact with Ethereum dapps and smart contracts. You won’t need to download the blockchain; you only need to install it as a google chrome extension.
The next step involves buying either Bitcoin or ether that you will use to exchange for SNT on an exchange platform of your choice.
There are various exchanges from which you can exchange Bitcoins or ether for SNT. We’ll focus on three. These are Binance, Huobi, and Bittrex. Please note that you can exchange ETH directly for SNT in Shapeshift.
This is a cryptocurrency exchange that started in July 2017 and is based in Hong Kong. The company runs from multiple offshore locations after exchanges were banned in China. This exchange facilitates crypto-to-crypto exchange, supporting all the major digital coins and about 100 other altcoins. It does not support fiat currencies.
Binance charges a flat rate of 0.1%, which is quite competitive as compared to other exchanges. If you trade with the Binance token BNB, you get a 50% discount on the charges. All deposits on this exchange are free of charge while withdrawals vary with the currency being traded.
If you want to buy SNT from Binance, you simply fund it with ETH or BTC or any other altcoin and then exchange that particular coin with SNT. You can then move your SNT coins from the exchange to your preferred wallet.
Binance has 2-factor verification feature as well as an SMS confirmation. You have to verify your account before accessing its full features.
Huobi is one of the largest exchange from which you can buy the status crypto as well as other digital coins. This exchange is based in China, but since moved its operations to other countries. It has about 90 BTC trading pairs, meaning that you can simply exchange BTC for SNT. It is, however, not operational in China as the country banned all crypto trading in 2017. It is currently registered in Seychelles.
It does not charge any deposit fees, and its withdrawal fees are minimal, between 1% and 2%. Other transactions are charged just 0.2% of the total cost of the transaction. Most trading is done using USDT.
Before using this exchange, you need to go through various verification procedures. You will need email and SMS confirmation codes to authenticate your account. This account does not offer margin trading. Please note that there are allegations that this exchange was hacked a while back and lost 12,000 Bitcoins
Bittrex is a rather large cryptocurrency exchange based in the United States (US), in New York. It supports more than 190 digital coins including the major currencies such as BTC and ETH as well as fiat currency like the USD. You can buy digital currencies from this exchange using USD. Most coins though can only be bought using BTC.
The exchange provides the two-factor verification feature to give you more security. So far, this exchange has not experienced any major hack apart from a few complaints from individual users. Clients complain of slow customer support though this is common with many other exchanges as well. There is no margin trading, though the company is working towards the implementation of this feature.
Trading fee on this exchange is set at 0.25%. this varies though with the type of transaction you are carrying out. You can only make payments to this exchange using digital currencies. You have to be very careful when depositing funds not to deposit the coins in a wrong address.
After you exchange your BTC or ETH with SNT, you can transfer your coins to an ERC-20 wallet of your choice if you are not using a Status Hardware wallet.
Status seems to have a promising future considering the features they are offering the market. The ability to access dapps on the Ethereum blockchain using only a smartphone is a good development. The possibility of having a private messaging feature will rival the conventional apps such as WhatsApp and telegram. If Status lives up to its promises, then it is bound to see substantial growth thus giving value to the status crypto.
As always, we’re grateful that you have taken your time to read our review. We’re glad to keep informing you of the developments occurring in the crypto space. Keep checking our site for this and more.